With all the general election campaigning over the past few weeks, and today as we are going through the final rounds of vote counting, it strikes me that politics - like property - is all local. The strongest, most popular and (we have to believe) most hard-working politicians in each constituency wins. What has changed in the last few decades is the party system; candidates locally win locally, not simply by being a member of any political party. This is because as the world is getting smaller due to better information systems and technology, the reality is that people continue live in one area (at a time!) and that's where their priorities lie.
I am not a politician
but I do know property and I know the south east region. And because of this I know that when you are thinking
of buying or selling your home, it pays to think local.
While the media talks about 'the'
property market in Ireland, every frustrated seller or house-hunter knows that
there are many different markets operating in every county in Ireland. The marketplace locally is measured by supply
and demand but it can be a bit more complicated than this. For example, when we talk about supply, are
we comparing like with like? Rural
versus urban, size versus location, houses versus apartments... All these
distinctions make up genuine supply.
Similarly, when we try to gauge demand locally, we have to consider the cash buyers versus mortgaged buyers, investors
versus home-buyers, even experienced home-buyers versus first-time buyers.
While it is true to say that
every home for sale needs only one buyer, the financial reality is that several
bidders are required to really test the value of a property and to ensure that
that value is achieved.
This is where a local expert
comes into their own. Not all sellers
are in the same position and not all buyers are equal. To avoid time wasting, a clued-in local agent
can attract genuine buyers to the right property and introduce enough
competition to have the sale move along, in order to achieve the right price in
a reasonable time frame. As you might
imagine, this is difficult to do with only one bidder!
The best way to make this happen
is by maintaining a database of ready buyers and keeping this updated. Here at Kinsella Estates, we dedicate time
and attention to buyers, we stay in touch with them. By doing this, we already have a good idea of
who the likely buyers might be when we take on a new property for sale. In any given area, there is a finite number of
suitable, finance-ready buyers. We make
it our job to know them
And this is particularly true for commercial
property. Whether you are buying or
selling, looking to lease or rent out your commercial premises, knowing your
local market of consumers is the main test of how well a commercial unit can be
sustained in any given area. On a given
street in any large town, there will always be buildings that are more in
demand than others just 100 yards away (similar to residential
neighbourhoods!). By not knowing the
area well, valuations can be way off and that's never good news, for buyer or
sellers.
With the relatively high level of vacant commercial
property around at the moment, sellers need to know who is buying, and buyers
need to have their own use for the property or be able to attract the right
tenant in the right type of business.
There is no doubt that commercial property requires a bit more
'juggling' or keeping more balls in the air than most residential transactions,
but this is where the local knowledge comes into play. This probably explains why anecdotally, 30%
of all commercial property is transacted off-market, which means that it never
appears on property websites like Daft.ie and MyHome.ie but is available.
For specific queries or to speak with a local property expert about your buying and selling needs in Wexford, Wicklow and surrounding areas, contact Michael, Alan or Eileen Kinsella at www.KinsellaEstates.ie .
Alternatively, you can email me directly on michael@kinsellaestates.ie or telephone : +353 53 94 21718
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| Commercial Property Managed by Kinsella Estates |
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